Essentially, what the precautionary-saving literature says is that more uncertainty reduces the average propensity to consume (APC), the ratio of consumption to income.

从本质上讲，预防性储蓄理论说的是，更多的不确定性会降低平均消费倾向(APC)，即比消费与收入的比率。

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The ratio fell sharply as the baby boomers reached their prime saving years, hitting a low in 2000 at the time of dotcom mania.

当婴儿潮时代出生的人到达以存钱为主的年龄段时，比值急速下降，在2000年的网络狂潮中迎来低谷。

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As a result the household saving ratio slid from 9.6% of disposable income in 1997 to a 50-year low of 1.5% in 2008.

结果就是家庭储蓄率在1997年占可支配收入的9.6%，在2008年，它下滑到50年来的最低点1.5%。

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Indeed, the saving ratio fell to 4.2% of disposable income in 2004, the lowest since the series started in 1963.

ECONOMIST: A weaker economy needs easier money

By contrast, the National Institute of Economic and Social Research foresaw in July that the saving ratio would rise to 6.1% this year and 8.9% in 2010, resulting in a further fall in consumer spending next year, of 1.1%.

ECONOMIST: The return of thrift